JACKSONVILLE, Fla. (BUSINESS WIRE) -- Rayonier Advanced Materials Inc. announced that it has sold its resins business to LRBG Chemicals, a company to be led by the current resins business management team, for a purchase price of approximately $16.5 million.

"The sale of resins business allows us to divest a non-core petroleum-based chemical asset. Further, it provides our stockholders with a fair value and incremental cash to be redeployed through our capital allocation process focused on risk adjusted returns," said Paul G. Boynton, Chairman, President and Chief Executive Officer of Rayonier Advanced Materials. "I want to personally thank the resins management team and employees for their dedicated work at Rayonier Advanced Materials. I wish them well as they begin a new chapter as a standalone company."